House price crash goes global

Patrick Collinson
London Guardian
Tuesday, Sept 3, 2008

The property crash that began in the US is spreading across the globe, according to international estate agents Knight Frank, which said today that steep declines are now taking place across Europe and into Asia.

The country recording the sharpest fall is Latvia, where house prices have plummeted 24.1% over the past year. New Zealand, Denmark and Lithuania have all seen falling prices, along with Malta, Germany, Ireland, Estonia, Britain and the US.

Even countries where prices have not fallen are witnessing a rapid deceleration in price growth.

In South Africa the rate of house price inflation has collapsed from 15.5% this time last year to 3.8%, and is expected to be negative soon. In France, Spain and Greece price growth has halved and is running below 3.2%.

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The only countries to have bucked the trend are Bulgaria, Slovakia, Cyprus and the Czech Republic, where house price growth has accelerated.

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